India stops exchanging old notes, here's what to do with them now

If you have Indian currency that has been deemed invalid, there are only limited options to rid yourself of the cash.

In a shock move Thursday, the Indian government announced as of midnight it would stop the over-the-counter exchange of old currency notes — bills of Rs 500 and Rs 1,000 denomination that were deemed useless in market earlier this month.

India’s Prime Minister Narendra Modi delivered a surprise televised address to the nation to announce the government’s immediate plan to invalidate the most circulated cash in the country. The move is an attempt to stamp out cash, known as “black money,” being hoarded to avoid tax. Read more…